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and stalin of -- >> dividing up -- >> yeah, the british will get 90% of greece. the russians get 90% of bulgaria, and hungary, and divide it up that way. it was pretty cynical. but when roosevelt dies, in april of '45, his last telegram to churchill was, we always have these minor disafremonts with the russians about we end up resolving them so let's not make a big deal. no reason we can't maintain friendship after the war. when truman gets in there in 1945, april 12, he immediately takes a different course. roosevelt's alliance with the wartime alliance with the soviets was still very strong at that point. but truman turns to advisers who roosevelt never trusted in the first place, didn't pay any heed to, people like burns. the second day of the 13th -- burns in south carolina, a private plane, and as -- burns gives them same message, the soviets are break all their agreements. they cannot trusted, and within two weeks the u.s. policy tornado the soviet union is going to change in april of 1945. by the time there's that big meeting on april 23rd with molotov and april 23rd, the uni
the conflict in syria to the new politics of egypt, from protests in greece to the amazing olympics of london, as the year draws to a close, we'll look back at 2012 and some of the event that changed our world. -- event that changed our world -- events that changed our world. >> that was scary, wasn't it? >> that was scary. >> welcome to syria. >> a farmer goes hungry so his children can eat. they only get one soon, so each must wait his turn. -- one spoon, so each must wait his turn. >> for the spiders, the liberation has always been their ultimate goal. -- these fighters, the liberation has always been their ultimate goal. >> week meet members of the country's newest rebel army, known as -- we meet members of the country's newest rebel army, known as m23. this is their main base, about 5 kilometers away. >> some of the most isolated communities and tributaries provide the most surprises. the population of the village is 208. we're reminded that environmental decisions made today can impact the next generation. >> we did find some significant [inaudible] >> ♪ ["gangnam style" playing] ♪
with the resources at hand. -- >> the c.s. becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talk
austerity measures have prolonged. not taken that area out of recession. in greece, you often hear members of this house who say the united states economy is going to be like greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medica
and transportation workers have staged a 24-hour strike in the greek capital. strikes have become frequent in greece since public spending has been cut to meet conditions for international bailout funding. >> iraq's president has arrived for medical treatment following a stroke. few details have been released about the seriousness of his condition. he is seen as a unifying force in iraq, mediating among sunnis, shia, and kurds. >> protesters in several indian cities are calling for action to stop the increasing number of violent rapes of women, following the rape and beating of a 23-year-old by six men on a bus in new delhi. doctors say the young woman is still in critical condition. >> christmas is, of course, just around the corner, and many retailers have been targeting customers, looking for that last-minute gift. and then there is this -- how about a personal shopper when you are at the airport? >> sounds good. as it turns out in frankfurt, germany, there is one, and he is especially looking to help out an increasing number of travelers from china, who are looking to part with lots of cash. >>
of people gathered in athens, greece for the funeral of the 77-year old retired pharmacist who shot and killed himself near the greek parliament building last week after writing a note that blamed his suicide on the economic crisis. his daughter spoke at his funeral and said his act had been deeply political. >> you found it unacceptable that they were killing our freedoms and democracy and dignity. you found it unacceptable as they heartened -- tightened the hard news of the apartheid around us. the acceptable act of surrender our independence and keys to the country. it was unacceptable to you that greece did not acknowledge its children, and the children did not recognize its own country. you found the bestiality of capitalism unacceptable, that it infiltrated our lives, and know and try to stop it, and then you made your decision, to become the fear, the death, the memory, the slope of our ruin the lives. >> 46 days after killing the unarmed african-american teenager trayvon martin, george zimmerman had been detained and charged with second-degree murder in florida. >> let me em
ministers agreed to give greece its next bailout payment of $64 billion. in return, greece has agreed to reduce its debt load by buying back devalued bonds from private investors. the european court of human rights issued a landmark ruling today condemning the c.i.a.'s extraordinary renditions programs. it ruled that a german car salesman khaled el-masri was a victim of torture and abuse for four months at the hands of the c.i.a. el-masri said he was kidnapped from macedonia in 2003, interrogated and tortured at an afghan prison run by the c.i.a. and then dropped on an albanian mountainside when authorities realized he posed no threat. macedonia agreed to pay nearly $80,000 in damages. the u.s. has closed internal investigations into the el-masri case. starting today there should be one less reason to reach for the television remote. a new federal law went into effect banning broadcasters from airing commercials at volumes louder than the programming they accompany. the television industry has had one year to adopt the new rules. violations can be reported on the federal communication
to get it back? we know we don't want to end up like greece. the country is still struggling today. s&p upgraded greece's credit rating by six notches. >>> lauren rousseau was 30 years old. she had recently just landed a permanent substitute teacher position at sandy hook elementary. according to her family, she died doing what she loved. spending time and teaching children. her boyfriend tony says they had just celebrated their one-year anniversary together. he sat down with poppy harlow and talked about it. that must have been hard to talk to him, hard to hear him. what did he say? >> this is a guy the same age as me and his girlfriend, the same age as well. the way that tony was describing lauren in her obituary was the love of her life. they fell in love on their first date at a wine bar. that's when they shared their first kiss. these were just two peas in a pod, the way they described one another. you know, he told me he doesn't believe that it's real, that it's permanent, that she's going to come back. he's having a hard time processing that. the way he described it to me just
, portugal, certainly greece. so you have those economic woes. the euro is not going to thrive and it may survive thanks to the ecb, but you're not going to get that economy to thrive, and the fiscal union ask those are very slow going and though they may be moving quickly by european standards and i've been given the magnitude of the problem going very slowly. >> how should people be thinking about this? the average american, and they've been hearing about it for so long and they're not sure it will affect their pocketbook. do you think they will? >> and there's this incredible chance that greece will leave and the dominos will begin to fall. i think that's unluikely to happen as long as the ecb is willing to support that currency, but will it thrive? will those economies boom? i don't think so, i think it will be another year of recession and you will find individual opportunities and the stock picker's market and far as it's a strong growth, they're not there yet. >> thanks so much for joining us. good to see you tonight. >> you heard piers morgan talk about it with larry last week. af
of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a deal in the offing. he has a point, you know. it's not over, you know, until it's over and these guys do sometimes come up with last-minute deals, but i want to be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do have to accept the fact that john boeh
into a crisis like we have seen in greece and many other countries. it is dangerous when it gets too high, and we are moving close to that dangerous level every day. >> well now you have seen how much debt we have, how about where all of that money goes? the federal government spends more than $11 billion a day, $3 billion going to the department of health and human services. $2.5 billion go to social security. $1.8 billion to the defense department. but economists say most concerning of all is the $854 million a day hour country pays on our debt every single day. so we want to know what you think about the cost of spending. do you think your tax dollars should be spent better, in some other way? tweet your answers to us. i will read some of your responses. you can watch the entire cost of spending on our special report. and don't go away. we have some very special guests coming up in our studio. we will introduce you to a group in washington that is making sure some of our animal friends find a loving home this holiday. and some news you can use. what could going over the fiscal cliff me
't become a country that looks like greece. [talking over each other] gregg: capitol hill and pennsylvania avenue, maybe they just think 16 trillion, 25 trillion, who cares. maybe they don't think it has a depressive effect on economic growth, and soaking up the credit markets, which women's businesses. >> that's exactly right. we don't have to wonder what this will go by. all we have to do is look over the pond and see what's happening in countries like greece and italy and spain and ireland have these massive debt. now we cannot repay them, massive interest-rate increases, you and i have talked about this before. but shame on us for not realizing that we stay on this path, we are in real financial trouble. gregg: stephen moore, economics writer for "the wall street journal." on her way to the fiscal cliff. thank you very much. heather: russian president vladimir putin accused of playing politics with the lives of orphans. signing a bill banning americans from adopting russian children. bad news has left dozens of american families heartbroken. amy kellogg is live in london with details.
.a.t.o. and greece and now professor at the harvard kennedy school, and michael ohanlon senior fellow at the brookings institution and coauthor of "bending history"." will we and should we recognize the opposition forces? >> i think the obama administration needs to make a big decision. do you confer recognition on national council as legitimate authority of the syrian people. the reason for doing this, they need to push assad out as quickly as possible. he's holding on, and if something doesn't change in this equilibrium he may hold on for months on end. this war could spread in lebanon, jordan, iraq, that's not in the interest of the united states. they need to reinforce this coalition. that's one reason. the other is one of self interest. it's likely that at some point assad is going to fall. this particular group or some element of it will take over as the government of syria. we should want to have influence there given the importance of syria, and the importance of syria to iran. because if we can separate a new syrian government from the iranians that would be a major strategic
say we don't want to become like greece. what's driving off the fiscal cliff look like? it makes us look completely irresponsible as if we can't control our own spending and put in order some priorities. >> so some health care will be suffering? >> that's absolutely true. we want to incentive doctors ask hospitals to keep people well. not to just do procedures. and that's the key to really transforming medicare. >> i want to show you a map of the states that are refusing to implement the insurance exchanges. it's rather interesting. the other states are either implementing the exchanges or haven't decided to do that. if states don't decide to do it and the federal government comes in and sets up the exchange, isn't that kind of a win for the move towards universal health care because the infrastructure will be there? >> i think it provides people an option whether governors are refusing or not. that's the most important thing so they can get access to insurance products. also i think, you know, it takes away the claim that the federal government is u surping health care. states forf
been doing is going to lead us to being just like greece. we will not be able to take care of the poor and needy or senior citizens. we've got to stop spending. host: this is from the congressional budget office -- social security, medicare, and medicaid are 41% of the federal budget. defense spending is 20% area do you cut? >> we have to cut across the whole circle. it is not the so-called congress' spending. it is everything in that pie plate. need to fix social security and medicare because they are going broke. democratic colleagues are totally in denial. they think they have a policy regarding social security and medicare. they say denied it is a problem and they deny -- and a delay fixing it and third, they will destroy the programs because they are denying and delighting and they are demonizing those of us who want to try to fix it. we need to fix it so that social security and medicare are available for those people needed. we've got to put in place policies that will do so. the democrats have been totally against are doing so. host: are you worried that the republicans are jus
. my grandfather came here from greece. he opened a restaurant, the american dream. >> but he taught himself english. he taught himself to read the newspaper, and he became a very successful businessman. as he would say, only in america. youngstown was prosperous, and downtown youngstown was really prosperous. it was wonderful to go to downtown youngstown and be all dressed up in gloves and hat and going in and out of the shops and having lunch downtown. it was exciting. >> but that prosperity didn't last. youngstown ohio was the manufacturing backbone of this country but starting the late 1 1970s, the steel mill started to close, kicking this proud town in the gut. entrepreneur magazine named it one of the top ten best cities to start a new business. that's something that would have been unthinkable just a decade ago. >> it's a wireless device to allow students in the classroom to communicate with teachers. highly skilled, highly qualified people from a lot of good universities and colleges in the area, we were able to pick the best and brightest of for good paying technology jobs.
this year were things that didn't happen. no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the markets can lift but right now the view is for a nothing market from here till year end. once the sea
't going pay its debts. we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with. right? start with the social security checks aren't going to go out. then -- what do people do, call their congressmen? the elderly get frightened. they think they won't have their weekly paychecks. >> this would not be the first time anyone from the executive branch tried to scare senior sit sense what do we do? we are going over the cliff. do you think we are going over cliff? >> i talked to the speaker's people today. bottom line is the speaker did remarkably smart. he didn't bring his bill up because he didn't have the votes and then sent every one of his members home so they could not
can think of is greece. host: what does it mean for the pentagon? guest: greece used to be one of the only three non-u.s. countries in nato that was spending to% of gdp on national security. -- 2% of gdp on national security. they are now below that because it cannot afford it. host: democratic caller, new jersey. caller: i am a retired attorney colonel. i've done a lot of research on the federal budget. whenever we start talking about social security and medicare, the entitlements, and relating it to the annual budget deficit, we're making a mistake. it has no part today in a problem. the spending increases for the war and other things that we basically did not fund, the huge loss in employment in 2007 and 2008 were people stopped paying taxes and started drawing welfare, and number three, we have the tax cuts, the bush tax cuts and the obama tax cuts which have severely reduced the amount of revenue. the tax burden on americans from the federal government today is an 80-year low. we cannot fund the government with the revenues and loss in jobs that we have. host: cbo has done
say greece? >> host: what does it mean for the pentagon? >> guest: any program, how did you continue? greece used to be one of the only three great non-u.s. countries, spending about 2% of gdp on national security. we were spending fortified at the time. we are under four. responding to something. they are now below that and having even further south because they simply can't afford it. >> host: new jersey, democratic collar. >> caller: thank you for taking my call. first of all, i am a retired army colonel, executive and also an author. adelle lot of research on the federal budget. whenever we start talking about social security and medicare, the entitlements and relating it to the annual budget deficit, we're making a mistake. no part today in a problem. a problems exist for three principal reasons. the spending increases for the war and other things that we basically did not fund. second, we had a huge loss in employment in 2007 and 2008 where people stop paying taxes and start drawing welfare. number three, we have the tax cuts, both the bush tax cuts and the obama tax cuts which
that this country could become like greece. do you see that as a possibility? >> no, i do not see that as a -- i do not see us becoming a light breeze. it is a profoundly different situation. i do see the possibility that we could have the debt that could truly be harmful. the congressional budget office, which is nonpartisan, says if we stay on the course we are on, we'll have a debt that is 230% of our gdp over the next 20 years. most of the experts say that once you get a debt over 90% of your gross domestic product, that inhibit future economic growth. and in a pretty significant way. this is not just about numbers. it is about opportunities for people. whether you'll be able to send your kid to school, send them to college, whether they will be able to buy a car, buy a house. are you going to be able to start a business and have it succeed? whether or not you have economic opportunity for the people of the country. and we know with the best academic research that has been done that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast.
the republican candidate but this country could become like greece. do you see that as a possibility? >> no. it is a profoundly different situation. i do see the possibility that we could have debt that would truly be harmful. the congressional budget office says if we stay on the course we're wrong, we will have a debt that is 230% of our gross domestic product over the next 20 years. most experts say, once you get a debt of more than 90% of your gross domestic product, that inhibits future economic growth. this is not just about numbers and a page. it is really about opportunities for people. whether you're going to be able to send your kid to school, some of the college, whether you're quite able to buy a car, buy a house, start a business and have it succeed. whether or not you're going to have economic opportunity for the people of the country. we know with the best academic research that has been done that if a country's debt it's too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. there is a similarity to what i
romney kept saying this country could be on the road to be more like greece if we did not get our arms around it. the unemployment rate remains high. are you optimistic in the short term about our country's future. >> it is hard to be. i tried to be. if we can get this resolved, this fiscal cliff situation, and have a pathway to seeing the deficit be reduced, cannot do it overnight, if we can see there is a path, a trajectory of slowing down the growth of spending to the point you can see the deficit will ultimately go away over a reasonable time, people will start investing again, hiring again, and i spoke to a business group yesterday and asked if they would hire just because they get a tax credit for hiring people. they said no. if you see the deficit will go away and there is hope we are on the right path to fiscal sanity, will you then hired? yes. we will have markets for our products and services and then we will need more people. we are stuck right now because all we have done for a year and a half was kick the can down the road. i voted against the act a year- and-a-half ago be
up like greece. well that's just stupid. >> stephanie: yeah. but you know this is what i have been talking about all morning. and i couldn't stop playing that clip for you from david gregory. sunday after the election should the president bring in mitt romney to negotiate the fiscal cliff. maybe the fact that grover norquist has a seat at the table, as if he won this election. >> i can see putting him in there, but the party is at least pretending to run away from him right now. >> stephanie: right. >> for all of the people who are running away from him, i think we should notice we are essentially arguing to bring the top marginal rate back up into the lower 30s. >> stephanie: exactly. i love the way you state. you say i have said it more than once it's not the president's job to tame john boner's tax reform um. he has no obligation to water these down just to get a deal down just for the sake of appearances. i mean that's exactly it. the president has more leverage than he obviously had last summer. >> and -- and -- if boehner can't control his caucus then he s
like greece, spain and italy have been tackling their problems with sharp cuts in spending and higher taxes and that's been fueling recession and unrest. meanwhile, we now know that japan officially slipped into its own recession over the summer with the japanese economy contracting 3.5% between july and september. now, the previous quarter, the previous three months number was also revised lower and that makes for two consecutive quarters of negative growth and that's the classic definition of a recession. from asia, back to america, literally, a group of chinese investors agreed today to buy an 80% stake in aig's aircraft leasing business. back in 2008, the insurance giant was bailed out by the u.s. government to the tune of $180 billion. four years on, still paying back the money by selling off assets including the aircraft leasing unit that complemented aig's airplane insurance business. if u.s. regulators apro s appro deal, it will be one of the largest ever by chinese investors. china's state owned oil giant c-nook swooped in to acquire nexen for a cool $15 billion. note to the
, especially if greece is right that the judicial review is that going to extend to outside organizations. adults think thailand is that close to afghanistan. geographic proximity is the watchword for detention authority to offer that lax judicial review, but i think, as did play a very clear role in legislating for those cases where they're will be constitutionally require judicial review in india think that if there is every concern we might take advantage of the decision, which i think he easily be taken advantage of, congress did say in cases of individuals picked up outside the united states and not in as on of active combat operation, here is some minimal steps toward procedures that the government must follow which would go a long way toward obviating the concerns that tries to raise, leaving the battlefield issues for another day because i don't think the issue is how many people are on the battlefield in afghanistan. the reality is, as our active combat operations wind down, that number is decreasing to zero. the question is, when we picked up pirates in the gulf of aden, when we
. but it's not working in greece. i heard a great saying that says when time gets tough, everyone is a keynesian. turn off the tv. not c-span of course. but turn off the news channels that are just cramming this stuff, and get involved in this before you formulate an opinion. i think we would be voted into office smarter, better people that are not tea party extremists. how about if on the democratic side grover norquist had said never cut any spending? i'm going to sign a bill that says never cut and spending. grover norquist, here's a great example, he does not even believe in economic case multipliers. host: gary says -- guest: what's interesting about the last election cycles is we had under president bush and the end, democrats seized control of congress in big numbers. and we had the big democratic sweep with the white house in 2008. 2010, republicans came sweeping back. we've had a pendulum swing, very contractive time period. that's one of the factors. we have seen both sides really dug in because they don't know where the pendulum will swing in the next direction. -- ekle
, it is more important to make all the fiscal cuts them back as greece and spain know, when people do not trust your debt, weak issue too much debt. if everyone heads to the door like china and other is, our debt is really going to go up. host: should the raising of the debt ceiling be tied to these overall conversations or is that too dangerous? you talk about people shied away from your debt. caller: yes. you are going to have a tipping point that people are blind to. since 1847 with popular delusions and the madness of crowds when you get a contagion in there, you do not know what is going to be. people are going to run for the door. it is just stupid. they should have done the tax cuts first and then see if they need to raise taxes. the more sound policy is to cut some savings first to even see if we have to raise taxes. host: here is the statement put out by the white house yesterday. it actually promises to lower rates for the wealthy and sticks the middle class with the bell. bill. susan in pennsylvania, a democratic caller. welcome to the conversation. caller: what i am thinking is the
foundation to see what we can do to improve the fate of our country so we will not become greece. no one is more worried about this nation's unsustainable debt situation than senator demint. i've seen him deinvolve over time to someone who could just not sit quietly, who had to take up the cause. in the 2010 election cycle, he was one of the strongest voices this he had would a lost our way -- that we'd lost our way in washington. jim is a kind, sincere man, an individual who is a joy to be around. when it comes to what's going on in america, jim understands that if we don't make some changes we're going to lose our way of life. that's what's driven him above all else, to try to keep our country a place to be place where you can be anything. i look forward to working with jim in the private sector. from a personal point of view, we've had a great ride together. it has been fun. it has been challenging, and i think we put south carolina on the map in different ways at different times, and to people back in south carolina, i hope if you get to see jim anytime soon, just say "thank you." be
will not become greece. no one is more worried about this nation's unsustainable debt situation than senator demint. i've seen him deinvolve over time to someone who could just not sit quietly, who had to take up the cause. in the 2010 election cycle, he was one of the strongest voices this he had would a lost our way -- that we'd lost our way in washington. jim is a kind, sincere man, an individual who is a joy to be around. when it comes to what's going on in america, jim understands that if we don't make some changes we're going to lose our way of life. that's what's driven him above all else, to try to keep our country a place to be place where you can be anything. i look forward to working with jim in the private sector. from a personal point of view, we've had a great ride together. it has been fun. it has been challenging, and i think we put south carolina on the map in different ways at different times, and to people back in south carolina, i hope if you get to see jim anytime soon, just say "thank you." because whether you agree with him or not, he was doing what he thought was best fo
to improve. if you look at countries as lindsey graham said, look at greece and countries like that, you don't want america to be plunged into that almost insolvable crisis. they were sensible and very funny together. a lot of very quiet exchanges with me about the constitution about gay rights and gun control and obviously i come from a country where almost everything is federal in the terms of you have a law for a country. i said in gay marriage, are you going to have a situation with guns where almost every state has different regulations. is it not time in america, perhaps truly was united on these big issues which in the end are about fairness and equality as with gay rights. they weren't having any of that. it gets lively. >> the full interview tonight at 9:00 p.m. eastern. "piers morgan tonight." please come back and visit. >> this is why you get the bond movies and i end up with denzel castoffs. >> some days you may be in a james bond movie too. >> the worst moment of my career was taking my wife to see the bond movie and see your head rear up as the star of the film. >> some day. >>
. >> gretchen: we look at what is happening in greece where they can not print their own money and they have a massive spending problem. you have rioting in the street. so in a way, in america, since you can print the money, it's just kicking the can down the road, right? >> i think people realize intuitively, this can't work forever. the biggest buyer now of our long-term bonds is the federal reserve. in other words, the government itself is printing money to loan to the government. this can only work for some period of time before the rest of the world says, we no longer trust the u.s. dollar. we don't give it the credibility we used to. >> brian: people outside our windows don't trust the u.s. dollar. that's the scary part. >> people have been excited about the rise in home prices. it's just the long-term, this is not how you grow an economy. this is not how you thrive. >> gretchen: all right. you heard it from james freeman, with the "wall street journal." thanks. >> thanks. >> brian: 19 minutes after the hour. >> gretchen: no love for jesus? a jesus look alike tossed right out of a spor
fiscal accounts in balance and move them in the right direction so that we don't become greece? it is interesting that we talk about the -- the previous panel talked about state government and one big problem in europe is there is no fiscal coordination among the independent countries analogous somewhat to our states and who has to bail them out when they haven't done what they are supposed to do? i don't know that we are all that much different. so, we have a great panel. people that are far smarter than i am. i'm going to introduce them now and i will introduce them all and i will sit down and i get to ask some questions. i will ask the panel to keep i will ask the panel to keep their answers
greece. at some point the american people are going to say, enough. every american family has to balance their budget. every american family has to make tough decisions. why don't we make some tough decisions, if we want to have things paid for like weather capabilities, like amtrak, like replace federal assets, buying vehicles when we have 660,000 vehicles in the inventory. why don't we start making tough decisions. i often mention that the approval rating that we have of the american people is rather interestingly low. the last one i saw was i 11% approval. no wonder -- no wonder. we're about -- in a matter of literally hours -- to spend about $60 billion of the american taxpayers' money, estimates of some is that it should be around $24 billion. without hearings, without the kinds of scrutiny that it deserves and the normal appropriations process. and i understand why we need some of this money in emergency fashion. but it's like the train leaving the station. it's loaded up with pork, and it's moving and so everybody wants to get on board. it's not the way that the congress should do
the country from becoming greece. but i'm not going to set aside the $1.2 trillion in cuts. any hope of going over the fiscal cliff must start in the senate. >> gretchen: a lot of people were upset because members of congress just can't seem to get their act together or the president, depending on which side of the fence that you're on of the they were upset that they went on christmas vacations. the president went to hawaii and members of congress went home. both sides said we're going to come back to washington because we've got to solve the situation. i think what so many people are frustrated about is this is an ongoing situation. it's like every year we come to this point where we're talk being this cliff and this is what i think has angered so many voters and why congress has such a low approval rating. >> rick: they also got to this point because of their last time they did this. it was the last debt creating fight that deleted this thing. now they gave themselves an amount of time to work on it you and thought maybe last week there was a little progress being made. turns out there is
do to improve the fate of our country so we will not become greece. no one is more worried about this nation's unsustainable debt situation than senator demint. i've seen him deinvolve over time to someone who could just not sit quietly, who had to take up the cause. in the 2010 election cycle, he was one of the strongest voices this he had would a lost our way -- that we'd lost our way in washington. jim is a kind, sincere man, an individual who is a joy to be around. when it comes to what's going on in america, jim understands that if we don't make some changes we're going to lose our way of life. that's what's driven him above all else, to try to keep our country a place to be place where you can be anything. i look forward to working with jim in the private sector. from a personal point of view, we've had a great ride together. it has been fun. it has been challenging, and i think we put south carolina on the map in different ways at different times, and to people back in south carolina, i hope if you get to see jim anytime soon, just say "thank you." because whether you agre
kind of fiscal order. if not, we will become greece in 20 years. guest: that is a great point to bring up. leaders on both sides of the aisle on capitol hill have made the point that this is not a democratic or republican issue. there is waste to be curbed. what i am hearing from republicans like jon kyl is that you have to make sure america is still able to make its commitments on the world stage. we spoke with a lot of defense- heavy representative, folks from the house armed services committee. they can see that there are cuts to be made. it is just about doing it in a responsible manner rather than across the board cuts, which is less discriminatory than most defense advocates would like. host: we have earl in street louis on our line for democrats. go ahead, - st. louis on our line for democrats. caller: i was just wondering about the defense industrial complex that president eisenhower made the comment about. the defense contract workers are union workers. i do not hear the republicans hollering about that. i am is retired veteran. i think it is time we cut back on defense progra
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